Porsche revenue at record high amid China demand

Story Tools

Porsche AG's revenues rose 17.9 percent to a new record high in its latest financial year and unit sales climbed 8.8 percent, helped by surging demand in China and a smaller increase in North America, the company said Wednesday.

Porsche's revenues in the year that ended on July 31 totaled euro7.79 billion ($10.5 billion), the company said. It sold 81,850 vehicles worldwide.

"Porsche will continue the positive trend in the current business year," outgoing CEO Michael Macht said.

Porsche said it sold 11,724 cars in China over the year -- a 47.5 percent increase. Sales in Europe were up a modest 1.4 percent at 30,948.

The company saw sales in North America increase by 4.6 percent to 23,705.